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By Silvia Aloisi and Mimosa Spencer PARIS (Reuters) - French luxury goods group Kering has appointed Sabato De Sarno, a senior fashion designer at Valentino, as creative director of its top brand Gucci, it said
Gucci had started to fall behind competitors like Hermes (HRMS.PA) and the top brand Louis Vuitton of LVMH (LVMH.PA),
French luxury goods group Kering has appointed Sabato De Sarno, a senior fashion designer at Valentino, as creative director of its top brand Gucci, it said on Saturday.
Alongside Bizzarri, he had overseen a period of soaring growth at Gucci between 2015 and 2019, with profits increasing nearly four-fold to just under 10 billion euros ($11 billion) and revenue almost trebling. But in recent quarters, Gucci had begun to lag rivals including Hermes and LVMH's top brand Louis Vuitton, with its performance in the key Chinese market becoming a source of concern for investors amid COVID-19 lockdowns.
Luxury goods group LVMH's sales rose 9% in the fourth quarter as shoppers in Europe and the United States splurged over the crucial holiday season, helping to partly offset COVID disruptions in China.